Not just in the Philippines, but the Insurance Industry around the world is critically short of talent. The Europeans, the Americans, and we Asians, are all experiencing the same trend of an aging workforce and young people not ready or not willing to take over. Very few young people are applying for jobs in the insurance sector while the quality of talent entering the industry is lacking, the Philippine Insurers and Reinsurers Association (PIRA) said.
During the recent ASEAN Insurance Council Meeting held in Malaysia, PIRA chairman Michael F. Rellosa said the concern of dwindling young talents for the insurance industry is a global concern. In a recent Chartered Insurance Institute (CII) survey in London, it showed that the quality of talent that enters the industry is at its all-time low.
CII found out that only 8 percent of the members believe that new entrants are “very well” equipped in terms of basic literacy and numeracy and only 49 percent of the members agreed that “education serves financial services well.” This means that even colleges and universities are no longer preparing young people well to suit the insurance industry’s needs.
One of the challenges in the insurance industry is that it is incredibly candidate short but all insurers and employers tend to want strong experience and, at the end of the day, there just is not enough experience to go around.
“Yet the biggest puzzle we have to solve is the bad perception of young people—and the public, in general—about insurance,” Rellosa said.
In the Philippines, he said very few young people are applying for insurance jobs because they “don’t like to sell.” They also see insurance as boring and doesn’t pay well.